According to the FHA, primary residences, second homes and investment properties in Minneapolis qualify for streamlined FHA refinancing. HOWEVER, most lenders will NOT fund second homes or investment properties. Please give us a call at 651-315-7681 to discuss other options for your second home or investment property.

Q: Can I remove an ex-spouse or add a new one when I refinance?

Yes you can do both.

Q: What if my condominium lost FHA approval since I took out my original loan?

Providing no appraisal is used your property is still eligible to be refinanced.

Q: How can I qualify for a ‘no-cost’ FHA streamline loan?

You either have the choice of paying any applicable closing costs out of pocket so that your loan balance is not increased or paying a slightly higher interest rate and having the lender pay for your closing costs.

Q: Can I qualify for a FHA streamline refinance if I lost my job or my income has gone down?

FHA does not require any employment or income verification or the calculation of debt-to-income (DTI) ratios. However, lenders often overlay their own additional criteria meaning 95% of these loans will require some form of income verification to show that you can afford the new payments. Give us a call at 651-315-7681 to discuss your specific situation and options available.

Q: What is the minimum credit score for a FHA streamline refinance in Minneapolis?

Again, FHA itself has no credit score requirement and does not even require a credit report is pulled.

However, individual lenders have their own guidelines. Many require a minimum credit score of 640, though others will accept scores of 620 or even less. If you have issues with your credit, don’t give up.

Give us a call at 651-315-7681 so we can discuss your current credit situation.

Q: Will I have to make any repairs to my property in order to get a loan?

No. Unless an appraisal is used and your home has lead based paint, no repairs are required to be made.

Q: What is MI?

MI stands for mortgage insurance.

Mortgage insurance is required on FHA loans with an 80% or higher loan-to-value to protect the lender from losses.

MI rates on FHA loans were reduced on June 11th 2012 to help more Minneapolis borrowers qualify for streamlined refinances and lower their housing payments providing their loans were endorsed on or before May 31st, 2009.

Q: What if I have already refinanced my FHA loan?

The FHA requires that borrowers make 6 mortgage payments on their current FHA-insured loan, and that 210 days pass from the most recent closing date, in order to be eligible for a Streamline Refinance.

Q: Can I refinance from a fixed rate home loan to an ARM?

Yes. Minneapolis home owners can either refinance from an adjustable rate mortgage to a fixed rate or even from a fixed to an ARM.

Q: I have a question. How do I contact you?

Feel free to call us at 651-315-7681 or Click Here to submit a question through our website.

Find out if you qualify for a FHA Streamline refinance today and receive a no-obligation, customized rate quote to see how much money you can start saving…

Please complete the form below so we can determine if you are eligible for the FHA Streamline Program and send you a No-Obligation Customized Refinance Rate Quote to see how much you can start saving! All fields with a red star are required.

A Representative will follow up with you right away to goover important information with you and if needed ask foradditional details.

If you prefer to give this information over the phone, you can reach the office during business hours by calling 651-315-7681.

Property Type You Want To Refinance:

Primary Residence

Investment Property

Vacation Home

Do You Currently Have An FHA Mortgage On This Property?
Yes I Have An FHA Loan No I Do Not Have An FHA Loan Not Sure

When Did You Close On Your Mortgage?
On or Before May 31st 2009 After May 31st 2009 Not Sure

Approximate Current First Mortgage Balance?

Under $60K

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Current Interest Rate:

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Payment History?

Zero 30 Day+ Late Payments In Last 12 Months

One 30 Day+ Late Payment In Last 12 Months

2 or More 30+ Day Late Payments in Last 12 Months

Rate Your Credit Score (Estimate is OK):

Excellent (740-800)

Good (680-739)

Average (620-679)

Not So Good (580-619)

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Questions?

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Notice: This is a privately owned and maintained web site and is not a government agency. This site is not affiliated, endorsed or a division of HUD or FHA. If you are looking for FHA or HUD, you may contact them here

All information contained herein is for informational purposes only and, while every effort has been made to insure accuracy, no guarantee is expressed or implied. Any programs shown do not demonstrate all options or pricing structures. Rates, terms, programs, and underwriting policies are subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans are subject to underwriting approval. Some products may not be available in all states and restrictions apply.